Results 19,321-19,340 of 32,643 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Universal Social Charge Data (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 160 to 162, inclusive, together. I am informed by the Revenue Commissioners that the estimated number of earners subject to USC, the number of earners exempt from USC and the number of earners paying USC in 2018 are available on page 3 of Revenue’s Ready Reckoner, which can be accessed at: www.revenue.ie/en/corporate/documents/statistics/ready-recko...

Written Answers — Department of Finance: Knowledge Development Box (15 May 2018)

Paschal Donohoe: The Knowledge Development Box (KDB) applies for accounting periods commencing on or after 1 January 2016. A claimant company has a period of up to 24 months to make a claim for KDB relief. I am informed by Revenue that a small number of companies (less than 10) with accounting periods ended on or before 31 December 2016 have claimed KDB relief to date. As indicated in Revenue’s...

Written Answers — Department of Finance: Property Tax Data (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 165 and 166 together. Local Property Tax (LPT) is forecast to collect €470 million in 2018. These receipts would be lost if LPT was abolished. In regard to Question 21193/18, I am informed by Revenue that the Ready Reckoner, available at , shows the estimated revenue which could be raised by a charge on second and subsequent homes. The Ready Reckoner...

Written Answers — Department of Finance: Tax Reliefs Data (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 167, 168 and 171 together. I am advised by Revenue that the Ready Reckoner available on the Revenue Statistics webpage at: www.revenue.ie/en/corporate/information-about-revenue/statis tics/ready-reckoner/index.aspx, on page 11 shows the estimated cost or yield from changing combinations of (i) the maximum tax relief available on private pension contributions...

Written Answers — Department of Finance: Tax Code (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 169 and 172 together. The Standard Fund Threshold (SFT) is the maximum allowable pension fund on retirement for tax purposes which was introduced in Budget and Finance Act 2006 to prevent over-funding of pensions through tax-relieved arrangements. The threshold was initially set at €5 million, which was subsequently reduced to €2.3 million in...

Written Answers — Department of Finance: Tax Code (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 170 and 173 together. I am advised by Revenue that as there is no requirement to include data in tax returns in relation to tax free lumps of less than €200,000 (the current life-time limit on tax-free retirement lump sums), they have not been able to quantify the estimated yield for the Exchequer of the reduction of the tax free lump sum entitlement to...

Written Answers — Department of Finance: Tax Code (15 May 2018)

Paschal Donohoe: The principal tax measures for which legislation is in place and which will take effect in 2019 with an expected impact on the fiscal space are as follows: - Finance Act 2017 legislated for the tapered extension of Mortgage Interest Relief through to the end of 2020. Mortgage Interest Relief is a tax relief based on the amount of interest paid in a tax year on a qualifying mortgage loan...

Written Answers — Department of Finance: Tax Yield (15 May 2018)

Paschal Donohoe: I am advised by Revenue that a Ready Reckoner is available on the Revenue Statistics webpage at www.revenue.ie/en/corporate/information-about-revenue/statis tics/ready-reckoner/index.aspx. This Ready Reckoner shows a wide range of detailed information, including changes to the Betting Duty rate (page 23). While the Ready Reckoner does not show all of the specific costings requested by the...

Written Answers — Department of Finance: Tax Yield (15 May 2018)

Paschal Donohoe: I am advised by Revenue that a Ready Reckoner is available on the Revenue Statistics webpage at www.revenue.ie/en/corporate/information-about-revenue/statis tics/ready-reckoner/index.aspx.This Ready Reckoner shows a wide range of detailed information, including estimates for the yield from changes in duties on tobacco (page 22). These estimates assume pro-rata increases in other tobacco products.

Written Answers — Department of Finance: Universal Social Charge Yield (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 177 to 180, inclusive, together. I am advised by Revenue that the estimated yield from the introduction of an additional rate of USC at the range of rates and the levels of income as set out by the Deputy are provided in the following tables: Incomes greater than €100,000 subject to an additional USC rate of: First Year €m Full Year €m...

Written Answers — Department of Finance: Tax Yield (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 181 to 185, inclusive and 189 together. I am advised by Revenue that the estimated yields from tapering the specified credits at the various thresholds as set out by the Deputy are given in the following tables: Taper out of credits at incomes between €100,000 and €170,000 at a rate of 0.7% per €1,000: First Year €m Full Year...

Written Answers — Department of Finance: Tax Yield (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 186 to 188, inclusive, together. I am advised by Revenue that the estimated yields associated with the introduction of both a tapering of credits together with an additional rate of USC at the various levels and rates proposed by the Deputy are provided in the following tables: Tapering of PAYE and Earned Income Tax Credits plus additional USC rate, at...

Written Answers — Department of Finance: Tax Code (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 190 and 192 together. I am advised by Revenue that a Ready Reckoner is available on the Revenue Statistics webpage at www.revenue.ie/en/corporate/information-about-revenue/statis tics/ready-reckoner/index.aspx. This Ready Reckoner shows a wide range of detailed information, including changes to the Capital Acquisitions Tax rate (page 15) and changes to...

Written Answers — Department of Finance: Tax Reliefs Data (15 May 2018)

Paschal Donohoe: I am advised by Revenue that based on 2017 data, the yield to the Exchequer arising from the abolition of tax relief for private health insurance premiums is tentatively estimated to be in the order of €350 million. The estimated yield to the Exchequer from reducing the current rate of tax relief as proposed by the Deputy would be as follows; Proposed Cap 5% 10% 12% 15% 18% 19%...

Written Answers — Department of Finance: Tax Exemptions (15 May 2018)

Paschal Donohoe: It is unclear what specific changes to the legislation the Deputy is referring to. However, I can confirm that the Department has not conducted any modelling in regard to tax exempt income from gambling in casinos.

Written Answers — Department of Finance: Universal Social Charge Abolition (15 May 2018)

Paschal Donohoe: The loss to the Exchequer from abolishing USC would depend upon a number of factors, inter alia, the year in which it would end, labour market developments, and so on. In 2018, the Universal Social Charge (USC) is projected to raise approximately €3.7 billion in Exchequer receipts terms. This represents approximately 17% of total expected income tax receipts and approximately 6% of...

Written Answers — Department of Finance: Universal Social Charge Exemptions (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 195 to 200, inclusive, together. I am advised by Revenue that the estimated costs of increasing the exemption threshold for USC to the levels set out by the Deputy are given in the following table: USC Exemption Threshold € First Year €m Full Year €m 19,698 48 57 20,176 54 63 20,280 55 65 20,384 56 66 20,592 58 69 20,800 61 72...

Written Answers — Department of Finance: Research and Development Supports (15 May 2018)

Paschal Donohoe: I am advised by Revenue that on the basis of claims in respect of refundable research and development tax credit for the tax year 2016, the latest year available, the estimated cash flow yield from limiting the research and development tax credit to a company’s liability to tax could be in the region of €240m. However, this estimate takes no account of any change in taxpayer...

Written Answers — Department of Finance: VAT Rate Application (15 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 203 and 202 together. I am informed by Revenue that the Ready Reckoner, available at www.revenue.ie/en/corporate/documents/statistics/ready-recko ner.pdf(page 26), shows the impact of increases in VAT rates including the 9% rate. As shown in the Ready Reckoner, the yield from the restoration of the VAT rate from 9% to 13.5% across all goods and services is...

Written Answers — Department of Finance: Mortgage Interest Relief Data (15 May 2018)

Paschal Donohoe: I am advised by Revenue that the estimated cost of Mortgage Interest Relief (MIR) in 2018 is €124m, while the projected cost of MIR in 2019 is €78m. These figures take account of the tapering out of the relief as a result of Budget 2018. Therefore, it is estimated very roughly that the cost of retention of MIR at the 2018 ceilings and qualifying interest levels in 2019 would...